Preservation of affordable housing, including housing dedicated to senior citizens

Beacon Communities Development, Connecticut and Massachusetts

BCC recently partnered with Beacon Communities Development on two developments-- preserving affordable housing for low-income senior citizens in Connecticut and creating and preserving affordability for 133 apartments in three converted mill buildings in “Partnering with BCC allows us to create value for our residents and create a lasting impact on the community.” Massachusetts. “BCC played a role other lenders and investors couldn’t play in this transaction, and it was instrumental,” comments senior vice president of acquisitions at Beacon, Mark Epker. The new Section 8 and elderly-restricted properties in Connecticut yielded 404 units, guaranteeing that residents will be able to stay in their homes even if their income decreases over time. After the initial project in Connecticut, BCC followed up with further financing of $3.1 million to renovate the Baker Chocolate Factory Apartments, a mixed-income development in Massachusetts, alongside Beacon Communities Development. Epker says, “Partnering with BCC allows us to create value for our residents and create a lasting impact on the community.”